Archive for 07/05/2008

Why HSA plans are going to be even *more* attractive in the future

19/05/2008 the HSA king No comments

It’s no secret that the tax advantages of health savings accounts contribute significantly to making them the lowest net cost healthcare option for many Americans. Tax advantages include:

  • 100% “above the line” deduction for each dollar contributed
  • tax-deferred growth
  • tax-free withdrawals for qualified medical expenses

The value of those tax benefits is likely to increase in the future, as Money’s Janice Revell explains in this excellent article:
Why your tax rates are likely to rise in the future

Although the article does not focus on HSA accounts, the implications for HSA participants is clear: As tax rates rise in the coming years, the value of an HSA plan will increase by a proportionate amount.

Today’s a good day to get started saving with a health savings account!

General

New goal for boomers: Making it over the hump — to Medicare

14/05/2008 the HSA king One comment

More and more Americans aged 50+ have a new objective in mind when it comes to healthcare — just make it over the hump baby!

“Over the hump” means making it to Medicare — relatively unscathed.

Health plan premiums increase as you get older, and the oldest group consists of those folks aged 60 to 64, just prior to reaching Medicare age (65). Their health plan premiums are outrageous!

The next most outrageous group is age 55 to 59, and so on. The real slap in the face tends to hit somewhere around age 55 for most people. At that point, the cost can become too much to handle, forcing many people to start thinking in different terms.

Oh, like a health savings account plan?

Precisely.

Here is an article from the Dallas Morning News that does homage to the problem.
Scary costs for those approaching Medicare

COMMENT:
Once you hit Medicare age, health plan premiums revert to a level not seen since your 30′s, relatively speaking.

For this reason, we have advocated the “make it over the hump” approach for years. Today, it makes more sense than ever. Forget about the frills. Just make it over the hump.

Get a health savings account plan with a high deductible health insurance policy and stash away as much cash as possible to make those golden years truly golden.

General ,

Georgia Governor signs bill to allow more access to high deductible plans

07/05/2008 the HSA king No comments

DATELINE: HotLanta

Governor Perdue has signed legislation that gives insurers a tax break for writing more high deductible policies.

That’s right. Insurers. As in insurance companies. The rationale here is that as insurers’ costs decrease, so go the premiums.

Lower premiums on the way for GA residents?

COMMENT:
We shall see.

General
 
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